All Forum Posts by: Nada Mohamed

 Address is 3739 Lowell Road, Cleveland Heights, Ohio 44121 - check out the Zillow ad - pictures are on there.

Completely depends on the tenant - it can be as low as $85 per month for both and up to $300.

Oh, taxes are incredibly low for Cleveland Heights since I disputed those - they are currently 1522/year and it is 100% violation free!!

Great investment opportunity in the heart of Cleveland Heights, Ohio . . . 

Highlights of this home:

1. Rents for $1100 per month (landlord pays 100 of water/sewage),

2. Has 3 bedrooms, 1 living room, 1 family room/bonus room, 1 dining room, a spacious kitchen with a breakfast nook, a recreation room, and a laundry room,

3. Half finished basement,

4. Comes with all appliances,

5. 10-15 minute drive from University Hospitals, Cleveland Clinic, and University Circle,

6. Completely Fenced in yard,

7. Rec. room,

8. Dining Room,

9. Bonus Room,

10. Two-car garage, 

11. ALL wood floors.

This home has never rented out to section 8 - there are plenty of good tenants in the area!! Call me at (216)534-9414 if you are interested or email at [email protected]

Hey Karen!! There are plenty of opportunities in NE Ohio that may fit your investment goals. Most important thing is to find someone you can trust in terms of their education and experience as well as their track record. Just about any city in the US can be great for investment depending on your strategy. It looks like you are looking to buy and hold with good cash flow. Please review my profile and message me if you would like to ask any questions or to get a feel for NE Ohio. 

Consult with an attorney, or, at the very least - the title company affecting this deal, or your broker/agent . . . whether or not your wife's signature is required and whether or not, in the future, Realtor/buyer will have standing to sue you will depend wholly on the laws of your state. Some states have laws that hold that any property you owned independently before marriage will NOT need your spouse's signature or permission, other states may have different laws that are quiet the opposite. Also, it depends on how your house is titled - did you transfer it to yourself and your wife so that it was joint property? Then you will need your wife's signature. Is it titled to an LLC where you are the sole owner of the LLC? Then you won't need your wife's signature. Many people use LLCs after marriage to cut their spouse out of any interest in a particular property (personal or real)! Tread carefully. In any case your own agent and/or the title company should catch this issue and know the law whether or not your wife will be required to sign because if your state requires it for property owned before marriage, it will not be transferrable without her signature.

By the way, your wife NOT being on the deed does not determine whether or not she needs to sign . . . In some states (like Ohio, where I am), there are Dower/Curtesy laws whereby ANY property owned by either spouse AFTER marriage will require the signature of the other spouse no ifs, ands, or buts. The reason being is because the spouse has a legally inherent interest in the property after the death of the spouse who the property is titled to and so must sign to release their rights to the after death interest.

Nada

The market here is great!!  Tax rates can be high in certain areas around Northeast Ohio - but there are other areas that are not so high. An often overlooked situation when it comes to taxes in Northeast Ohio is the fact that tax rates can be disputed and very often are significantly reduced. It is a very easy process, but will require an attorney if you are out of town and/or your property is titled to an entity and not to yourself personally. 

Probably the best advice I can give you regarding investing in Ohio is to start with finding someone that has experience, education, and great communication skills. The biggest part of the battle with investing in a city not your own - is finding someone that you can trust to select an asset and then properly manage it without any conflict of interest.  PM me if you would like more info. Best of luck!

Nada

Depending on your situation, I typically would advise to get both. They are not mutually exclusive. An umbrella policy is great because although an LLC can protect you from losing your personal assets if/when the situation arises where you are liable to a tenant for whatever reason (not too common), umbrella coverage is added protection that I think, when it comes to liability, is probably the better route to take - again, purely for liability purposes. Both together are the best because there are benefits LLC provide that an umbrella insurance policy simply cannot. Two major benefits that are often overlooked by investors I speak to on a regular basis that LLCs provide that an umbrella insurance policy cannot are:  (1) anonymity, and (2) ease of transfer upon your death. With regards to anonymity, unless your LLC is in your name, it will be difficult for anyone to know you actually own this property. It is nice to have assets that the public cannot simply search for your last name and discover on a county or city database search. Regarding ease of transfer - LLCs do not go through the typical transfer process (probate court) upon your death, your terms in your entity agreement will determine the outcome of who gets what. Some people opt to just put their properties in a trust to get this benefit of avoiding probate - but an LLC is better because it does provide liability protection as well. 

Best,

Nada

Parma, Ohio is a great one. Good tenants, good cash flow, decent area. Lots of opportunity. Let me know if you are interested and we can have a discussion.

I have a protective clause in my lease that makes clogged toilets the tenant's issue, not mine, unless it is an issue with the pipes in the home (which is very rare). The exact wording of the clause is "Landlord shall keep the plumbing in working condition, however, Landlord is not responsible for sinks, bathtubs, water basins, or toilets that have been clogged by Tenant’s or Tenant’s guests use. Tenant shall immediately repair any clogged sinks, baths, or toilets and notify Landlord of such clogging and repair. 

I have my phone on automatic "do not disturb" between the hours on 10:00 p.m. and 7:00 a.m. in general so I will not hear any communication between those hours. If there is an emergency, that is what "911" is for, otherwise, it can wait until normal hours. I am very good about communicating with them though during normal hours (which to me is between 7:00 a.m. and 10:00 p.m.). I will answer and text promptly to make sure they know their concerns are addressed.